Loan Redraw Facility
Loan redraw entitles a Member to redraw any payments made to their Home Loan in excess
of their contracted repayments, providing their loan always remains one payment in advance.
For example: A Member’s monthly repayment is $1,000 and his next payment is due on the
15th August. He deposits $1,500 into his loan account on the 10 th August. The funds available to
redraw are $500.
Important information:
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All loan fundings must be drawn before Redraw becomes available.
Eg. If a Member draws $90,000 of a $100,000 loan, uses $70,000 and pays $20,000 back
off the loan, no Redraw will be available until the other $10,000 loan funds have been
drawn.
No Redraw is available until the first agreed repayment has been made.
No Redraw is available on loans which are in arrears.
Payments still need to be made each contracted period. All loan payments will be
added to “advanced payments”. The “Next Due Date” will only be rolled over
automatically if a payment has been made in the contracted period. Some loans do have
a “Repayment Holiday “option equal to payments in advance.
If a Member has $200 in Redraw, depositing $50 will make the $250 available the next
business day. However, if the next business day is also the due date, they will need to
make their normal repayment as well to be entitled to the $250.
Alternate explanations:
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Excess payments are not deposited into redraw until the loan is more than 1
repayment in advance.
The available redraw amount is the total advance payments less the amount of one
agreed repayment.
Fees and Charges associated with Redraw:
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Redraw is available via internet banking or over the counter for all eligible loan types.
The member is entitled to one free redraw per month.
The redraw attracts a $10 online fee and $25 over the counter.
Redraw not available on Fixed Rate loans.
Eligible Loan Types:
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Standard Variable – Free unlimited
Basic Variable , Package Variable, Interest Only and Green Home Loan - $10 fee is
charged for online redraws and $25 in branch over the counter.
Home Equity Line Of Credit this loan type is not attached to the Loan Redraw (LR)
facility but operates on available funds opposed to a redraw facility.
How to Perform a Loan Redraw:
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Loan redraws can be performed by the Member via Internet Banking or at the Kiosks
provided at each branch.
Loan redraws can also be performed over the counter via the LR function on Cail.
Documentation is required when a Redraw is performed over the counter (OTC) in the
form of a cash or cheque withdrawal or a transfer form.
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Enter Member No, Name ID and Account No.
F6 to Search this will bring up the available redraw balance.
Enter amount that Member wishes to withdraw
If Member requires cash enter F10 – Redraw Funds
If a Member requires a transfer or cheque enter relevant details then F10 – Redraw
Funds. Must have two signatures to sign the cheque. Refer to screen shot below: